economics Word Scramble
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| term | Definition |
| Trade | The exchange of something of value. |
| Specialization | The concentration of a production on fewer kinds of goods and services than are consumed. |
| Interdependence | Reliance on others to satisfy wants. |
| Production | The act of combining natural resources,human resources,capital goods and entrepreneurship to make goods and services. |
| Consumption | The purchase or use of goods and services. |
| Goods | Objects that are capable of satisfying people's wants. |
| Services | Actions that are capable of satisfying people's wants. |
| Market | The interaction of buyers and sellers exchanging goods and services. |
| Market Clearing Price for Goods | The one price at which quantity supplied equals quantity demanded (also referred to as the equilibrium price). |
| Opportunity Price | The value of the next best alternative given up when a choice is made. |
| Supply | The quantities of a good or service that producers are willing and able to provide at various prices during a given time period. |
| Demand | The quantities of a good or a service that consumers are willing and able to buy at various prices during given period. |
| Import | Goods that are brought into a country part of a trade. |
| Export | Goods that leave the country as a part of trade. |
| Scarcity | The lack of sufficient resources to produce all the goods and services people desire. |
Created by:
Kohng.20
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